The Timberland Co. on Thursday posted double-digit declines in fourth-quarter profits and revenues.
For the three months ended Dec. 31, income dropped 46 percent to $13.1 million, or 23 cents a share, from $24.1 million, or 40 cents, in the year-ago quarter.
Revenues decreased 12 percent to $390.6 million from $442.7 million, reflecting, in part, the closure of 28 stores globally as the firm transitions to a licensing model for its North American apparel business, as well as declines in its global Timberland branded footwear and international apparel businesses.
North American revenue declined 13 percent to $230.6 million, and European revenue was down 14 percent to $109.6 million, but Asian revenue inched up 2 percent to $50.4 million. The company said global footwear revenues decreased 8 percent to $281.2 million because of declines in the casual footwear and women’s boot businesses.
Domestic comparable-store sales were down 16 percent in the quarter, while comps outside North America decreased 8 percent.
“We have strategies in place to reinvigorate our brand and strengthen our position in the global market and a strong balance sheet with $217 million in cash and no debt,” Jeffrey Swartz, president and CEO said in a statement.
For the year, income grew 7 percent to $42.9 million, or 73 cents, from $40 million, or 65 cents, in the year-ago period. Revenues were down 5 percent to $1.36 billion from $1.44 billion.